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AnswerstoEndofChapterQuestionsChapter1KeepingUpWithaChangingWorld-TradeFlows,CapitalFlows,andtheBalanceOfPayments红色我们考的（我们只考前面5个chapter）1.Thebalanceonmerchandisetradeisthedifferencebetweenexportsofgoods,719andtheimportsofgoods,1,145,foradeficitof426.Thebalanceongoods,servicesandincomeis719+279+284–1145-210–269,foradeficitof342.Addingunilateraltransferstothisgivesacurrentaccountdeficitof391,[-342+(-49)=-391].(Notethatincomereceiptsarecreditsandincomepaymentsaredebits.)2.Becausethecurrentaccountbalanceisadeficitof391,thenwithoutastatisticaldiscrepancy,thecapitalaccountisasurplusof391.Inthisproblem,however,thestatisticaldiscrepancyisrecordedasapositiveamount(credit)of11.Hence,thesumofthedebitsinthebalanceofpaymentsmustexceedthecreditsby11.So,thedeficitofthecurrentaccountmustbegreaterthanthesurplusonthecapitalaccountby11.Thecapitalaccount,therefore,isasurplusof391–11=380.3.Abalance-of-paymentsequilibriumiswhenthedebitsandcreditsinthecurrentaccountandtheprivatecapitalaccountsumtozero.Intheproblemabovewedonotknowtheprivatecapitalaccountbalance.Wecannotsay,therefore,whetherthiscountryisexperiencingabalance-of-paymentssurplusordeficitorifitisinequilibrium.4Thecurrentaccountisadeficitof$541,830andtheprivatecapitalaccountbalanceisasurplusof$369,068.TheU.S.,therefore,hasabalanceofpaymentsdeficit.5Positiveaspectsofbeinganetdebtorincludethepossibilityoffinancingdomesticinvestmentthatisnotpossiblethroughdomesticsavings;therebyallowingfordomesticcapitalstockgrowthwhichmayallowjob,productivity,andincomegrowth.Negativeaspectsincludethefactthatforeignsavingsmaybeusedtofinancedomesticconsumptionratherthandomesticsavings;whichwillcompromisethegrowthsuggestedabove.Positiveaspectsofbeinganetcreditorincludetheownershipofforeignassetswhichcanrepresentanincomeflowstothecreditingcountry.Further,thenetcreditorpositionalsoimpliesanetexportingposition.Anegativeaspectofbeinganetcreditorincludesthefactthatforeigninvestmentmaysubstitutefordomesticinvestment.6Anationmaydesiretoreceivebothportfolioanddirectinvestmentduetothetypeofinvestmenteachrepresents.Portfolioinvestmentisafinancialinvestmentwhiledirectinvestmentisdominatedbythepurchaseofactual,real,productiveassets.Totheextentthatacountrycanbenefitbyeachtypeofinvestment,itwilldesirebothtypesofinvestment.Further,portfolioinvestmenttendstobeshort-runinnature,whileFDItendstobelong-runinnature.ThisisalsoaddressedinmuchgreaterdetailinChapter7.7.DomesticSavings-DomesticInvestment=CurrentAccountBalanceDomesticSavings-DomesticInvestment=NetCapitalFlowsTherefore,CurrentAccountBalance=NetCapitalFlows8Usingtheequationsabove,privatesavingsof5percentofincome,governmentsavingsof-1percent,andinvestmentexpendituresof10percentwouldresultsinacurrentaccountdeficitof6percentofincomeandacapitalaccountsurplus(netcapitalinflows)of6percentofincome.Thiscouldbecorrectedwithareductioninthegovernmentdeficit(toasurplus)and/oranincreaseinprivatesavings.Chapter2（好像这章节都要看）TheMarketforForeignExchange1.Becauseitcostsfewerdollarstopurchaseaeuroaftertheexchangeratechange,theeurodepreciatedrelativetothedollar.Therateofdepreciation(inabsolutevalue)was[(1.2168–1.2201)/1.2201]100=0.27percent.2.NotethattheratesprovidedaretheforeigncurrencypricesoftheU.S.dollar.Everyvaluehasbeenroundedtotwodecimalplaceswhichmaycausesomedifferencesinanswers.A$£C$Sfr$Australia-2.351.061.121.53Britain0.42-0.450.470.65Canada0.952.23-1.061.45Switzerland0.902.110.94-1.37UnitedStates0.651.540.690.73-3Thecrossrateis1.702/1.234=1.379(€/£),whichissmallerinvaluethanthatobservedintheLondonmarket.Thearbitrageurwouldpurchase£587,544($1,000,000/1.702)withthe$1millionintheNewYorkmarket.Nexttheywouldusethe£587,544inLondontopurchase€837,250(£587,544*1.425).Finally,theywouldsellthe€837,250intheNewYorkmarketfor$1,033,167(€837,250*1.234).Theprofitis#33,167.4.Totaltradeis(163,681+160,829+261,180+210,590)=796,280.TradewiththeEuroareais(163,681+261,180)=424,861.TradewithCanadais(160,829+210,590)=371,419.Theweightassignedtotheeurois424,861/796,280=0.53andtheweightassignedtotheCanadiandollaris0.47.(Recalltheweightsmustsumtounity.)Becausethebaseyearis2003,the2003EERis100.Thevalueofthe2004EERis:[(0.82/0.88)•0.53+(1.56/1.59)•0.47]•100=(0.4939+0.4611)•100=95.4964,or95.5.Thisrepresentsa4.5percentdepreciationoftheU.S.dollar.5Therealeffectiveexchangerate(REER)for2003isstill100.Therealratesofexchangeare,for2003,0.88•(116.2/111.3)=.9187,1.59•(116.2/111.7)=1.6541,andfor2004,0.82•(119.0/114.4)=0.8530,1.56•(119.0/115.6)=1.6059.Thevalueofthe2004REERis:[(0.8530/0.9187)•0.53+(1.6059/1.6541)•0.47]•100=(0.4921+0.4563)•100=94.84,or94.8.Thisrepresentsa5.2percentdepreciationoftheU.S.dollarinrealterms6.ThisisanominalappreciationoftheeurorelativetotheU.S.dollar.Thepercentchangeis[(1.19–1.05)/1.05]•100=13.3percent.7.TheJanuary200realexchangerateis1.05•(107.5/112.7)=1.0016.TheMay2004realrateis1.19•(116.4/122.2)=1.1335.8InrealtermstheeuroappreciatedrelativetotheU.S.dollar.Therateofappreciationis[(1.1335–1.0016)/1.0016]*100=13.17percent.9AbsolutePPPsuggeststheMay2004exchangerateshouldbe122.2/116